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The Bergen County housing market cruised through the third quarter of 2019, with increases in both sales and prices. Single‑family home sales were up almost 5%, and are now positive for the rolling year. And prices were up, rising 1.5% on average even though flat at the median. We believe that the market is being hampered by both a lack of viable inventory and the 2018 Tax Reform cap on state and local tax deductions (the “SALT Cap”), which hits particularly hard in higher‑priced markets like Bergen. Going forward, though, we believe that inventory will eventually start to rise as more sellers are tempted into an appreciating market. Also, we expect that at some point the effects of the SALT Cap will get priced into the market. With prices still lower than their heights from the last seller’s market, interest rates near historic lows, and a growing economy, we believe that Bergen is poised for sales and price growth through the winter and into the spring market.
